Park Rapids, Minnesota Property Taxes
The median property tax rate in Park Rapids, MN is 0.54%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Park Rapids, the typical annual property tax bill reaches $2,184, which is below the national median of $2,690. Property taxes in Park Rapids are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Park Rapids' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Park Rapids or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Park Rapids, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Park Rapids Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Park Rapids with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Park Rapids to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Park Rapids, Minnesota
Property taxes in Park Rapids, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Park Rapids is 0.54%, which is lower than the U.S. national median of 0.99%. Local government entities within Park Rapids set these rates annually, and they can vary significantly across different neighborhoods. Each year, Park Rapids estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Park Rapids' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56470 zip code has the highest median property tax rate of 0.54%, while the same zip code also has the lowest median tax rate of 0.54%. Understanding how these figures compare with Park Rapids provides valuable insights into the varying tax landscape across Clearwater County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Park Rapids Tax Rate
0.54%
Average Clearwater County Tax Rate
0.60%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Park Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56470 | 0.50% | 0.51% | 0.54% | 0.54% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Park Rapids, Minnesota
In Park Rapids, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Clearwater County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For Park Rapids, the median home price is $403,600, with tax bills ranging from $2,130 at the 25th percentile to $2,491 at the 90th percentile. The highest and lowest median tax bills are both $2,184 in the 56470 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Park Rapids Assessed Value
$403,600
Average Clearwater County Assessed Value
$127,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Park Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56470 | $388,080 | $393,900 | $403,600 | $465,050 | $501,920 |
Source: Ownwell
Property Tax Bills Across Park Rapids, Minnesota
In Park Rapids, Clearwater County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the property. The tax rate, applied to this assessed value, is set by local taxing authorities and can vary depending on the needs of the community and the services provided. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, properties with the median home price of $403,600 in Park Rapids can expect tax bills ranging from $2,130 at the 25th percentile to $2,491 at the 90th percentile, with a median tax bill of $2,184. These property taxes fund essential services such as schools, infrastructure, and public safety, directly impacting homeowners' quality of life. Compared to the national median property tax rate of 0.99%, Park Rapids' tax rates reflect the community's specific financial requirements and priorities.
Average Park Rapids Tax Bill
$2,184
Average Clearwater County Tax Bill
$812
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Park Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56470 | $2,098 | $2,130 | $2,184 | $2,376 | $2,491 |
Source: Ownwell